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Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10 Kreport relating to
Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10 Kreport relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows: Fiscal Year (5 millions) $1.156 1.098 2019 2020 2021 892 2022 730 2023 539 Thereafter 1,520 Total minimum lease commitments $5,935 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number S million Present Value 1.091 $ Year 1 Year 2 Year 3 Year 4 Year 5 After 5 977 749 578 403 1.136 x 4.934 X $ Check You have correctly selected 5
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